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Oil & Gas

Oil & Gas

Investors in the Gulf are gaining as they wait for US tariff clarity

Investors are waiting for clarity about U.S. president Donald Trump's policy on trade ahead of the looming tariffs. Trump's recent comments have given traders hope that trade policies can be flexible. He hinted on Monday that not all tariffs will kick in until April 2, and that certain countries may receive exemptions. However, he did not provide any details. Trump escalated his trade conflict by introducing secondary tariffs of 25% on countries who buy oil or natural gas from Venezuela. The move caused oil prices to rise initially, but its impact was mitigated later by the relief brought about by...

Oil & Gas

Chinese Premier warns of "rising instabilities" at key business conference

At a Beijing business forum on Sunday, Chinese Premier Li Qiang called for countries to expand their markets in order to combat the "rising uncertainty and instability" as China prepares to face further U.S. trade tariffs. State media reported that Li said, "In an increasingly fragmented and uncertain world, with rising instabilities and uncertainties, it's more important for countries to open their markets and enterprise... to resist challenges and risks." He was speaking to dozens of visiting U.S. Republican senator Steve Daines and dozens other foreign CEOs at the China Development Forum. Sources previously said that foreign CEOs, including Tim...

Oil & Gas

Tunisian President sacks Prime Minister amid Economic and Migration Crisis

The Tunisian president Kais Saied fired Prime Minister Kamel Mddouri, less than one year after his appointment. He named Sara Zaafarani to replace him, amid a faltering economic situation and an increasing number of migrants coming from sub-Saharan Africa. Zaafarani is an engineer and has served as Minister of Equipment and Housing in 2021. He is the third Prime Minister to be elected in less than two and a half years. Saied has been harshly criticizing the performance of many ministers in recent months. He said that they had not met the standards required and that Tunisians have high expectations....

Oil Exploration

Saudi Aramco-backed Cognite taps India in AI expansion bet

Cognite, a Saudi Aramco-backed software company for industrial applications in Bengaluru in southern India, opened its AI service center on Wednesday and announced that it was exploring possible contracts with the top conglomerates of the country. The company declined to give further details, but said that it had signed agreements with two major automobile companies and a large industrial-cement company. Hakon Bjerke, chief strategy officer at Cognite, said that the company is "betting on India" and investing millions of dollars in India. Cognite produces software to help companies improve the safety and operation of industrial installations such as oil and...

Oil & Gas

S&P raises Saudi Arabia’s rating due to its sustained economic shift away oil

S&P, a global ratings agency, raised Saudi Arabia's credit rating from 'A to 'A+ with a stable outlook' on Friday. This was based on the ongoing social-economic transformation of the country. Fitch stated that the Vision 2030 project of the country provides flexibility in managing capital spending and debt issuance. This report stated that the sustained momentum of this project could help boost activity in the construction, manufacturing, and mining sectors to spur GDP growth between 2025-2028. The ratings agency said earlier this week that it expected the Saudi government to reduce capex, and current spending associated with them in...

Oil & Gas

The Syrian presidency has said that the Kurdish-led SDF is willing to integrate with Syrian state institutions.

The Syrian presidency announced on Monday that the Kurdish-led, U.S.-backed Syrian Democratic Forces, which control much of Syria's oil rich northeast, had signed an agreement agreeing to be integrated into Syria's newly created state institutions. The agreement, which included an end to all hostilities, has been signed by the interim Syrian president Ahmed al-Sharaa, and Mazloum Abdi, commander of the SDF. According to the agreement, the text of which was published online by the president, all civil and military institutions located in the northeastern part of Syria will be integrated into the state. The latter will then take control over...

Oil & Gas

The State Department says that all waivers granting Iran economic relief will be reviewed

The United States is reviewing existing sanctions waivers which provide Iran with any degree of economic assistance, and the U.S. State Department spokesperson stated on Thursday that the United States was urging the Iraqi Government to eliminate their dependence on Iranian energy sources as soon as they can. At her first press briefing as the spokesperson for President Donald Trump, Tammy Bruce responded to a question about whether or not a waiver of sanctions that allows Iraqi electricity payments to Iran would be renewed. She said, "We don't have anything to announce regarding the current electricity exemption that expires (on)...

Oil & Gas

UK lifts sanctions against Syria's central bank and petroleum companies

The British government unfroze assets belonging to the central bank of Syria and 23 other entities, including banks and oil firms. This is a reversal of sanctions that were imposed under Bashar al Assad's presidency. After more than 13 years in civil war, insurgents led by Hayat Tahrir Al-Sham ousted Assad from his position as president last December, the West has rethought its approach towards Syria. The British Government website posted a notice stating that entities such as the Central Bank, the Commercial Bank of Syria, and the Agricultural Cooperative Bank were delisted and no longer subject to a asset...

Oil & Gas

ADNOC's agreements with European companies

ADNOC (Abu Dhabi National Oil Co.), a state-owned company, has pursued a number of mergers and acquisitions with European companies with the aim of diversifying and developing its renewable energy and chemicals operations. ADNOC has been involved in the following deals and discussions: COVESTRO ADNOC announced on October 1 that it had agreed to purchase German chemicals manufacturer Covestro for $14.7 billion. This is one of the largest foreign takeovers in the Gulf, and is intended to reduce the country's heavy reliance on oil during the energy transition. ADNOC will merge with OMV its polyolefin business to create a chemical...

Oil & Gas

Aramco's weight on Saudi Arabia and the Gulf countries is a major factor in the red coloration of most Gulf markets due to global trade war concerns.

The Gulf's stock markets fell on Tuesday morning as U.S. trade tariffs threatened an increase in global trade tensions. Saudi Aramco also disappointed investors with its disappointing earnings. The new tariffs of 25% on imports to the United States from Mexico and Canada, as well as a 20% increase on Chinese goods, went into effect on Tuesday. This sparked new trade disputes with three of the U.S.'s top trading partners. Saudi Arabia's benchmark stock index fell 1.1%. Saudi Aramco fell 2.2% after a decline in profit. The oil giant reported Tuesday a net loss of $106.2 billion for 2024. This...

Oil & Gas

Aramco anticipates a sharp fall in dividends for 2025 as profit drops from 2024

Aramco, the Saudi oil giant, said it expected to declare dividends totaling $85.4 billion by 2025. This is a drop of nearly 30% from 2024 payouts due to lower sales and increased costs. Aramco will pay out about $124.25 Billion in dividends by 2024, and $97.78 Billion in 2023. Aramco’s dividends in 2024 included approximately $43,1 billion in performance-linked bonuses, a mechanism that was introduced in 2023 and is paid on top of the base dividends which are paid regardless. The company announced $200 million in performance linked dividends that will be paid out in the first quarter 2025. This...

Oil & Gas

PMI data shows that Saudi Arabia's private non-oil sector grew strongly in February.

A survey released on Tuesday showed that the Saudi Arabian non-oil sector's growth continued to be robust in February. This was due to strong sales by customers and higher activity levels. However, the rate of growth has slowed since the previous month. The Riyad Bank Saudi Arabia Purchasing Managers' Index fell from a decade high reading of 60.5 to 58.4 at the end of February, but remained above 50. This indicates strong growth. The small drop in the headline PMI can be attributed to the slowing of new business growth that had soared at the beginning of the year. The...

Fossil Fuels

Fossil Fuels

U.S. Sanctions three Iranian officials accused of involvement in the death of FBI Agent Robert Levinson

In press releases issued on Tuesday, the U.S. Treasury Department and the State Department announced that the United States had imposed sanctions against three Iranian intelligence officers over their alleged involvement with the disappearance former FBI Special Agent Robert Levinson. The latest sanctions against Reza Amiri, Gholamhossein, and Taqi, Daneshvar of Iran’s Ministry of Intelligence and Security, are linked to the disappearance of a former FBI agent who Washington believes died in captivity after being abducted by Iranians. Due to the sanctions, all property owned by the men that is under U.S. jurisdiction has been blocked. Americans are also generally...

Mineral Resources

Slow trading in major Gulf markets due to US tariff concerns

The Gulf stock markets were characterized by low volume on Tuesday, with prices falling as investors awaited clarification of the U.S. threat to impose reciprocal tariffs early next month. On Monday, Donald Trump announced that automobile tariffs will be implemented soon. He also said, however, that some of the levies he had threatened would not be imposed until April 2, indicating a degree of flexibility in this matter. Trump's tariff policy is expected to have a negative impact on global economic growth. It could also trigger more trade tensions and increase inflation. Saudi Arabian Mining Company lost 1.7%. Al Rajhi...

Fossil Fuels

Oil prices steady as investors assess impact of Trump tariffs

The oil price was little changed Tuesday as the markets assessed the impact of the newly announced U.S. Tariffs on countries who buy Venezuelan Oil and the uncertain outlook for the global demand. Brent crude futures rose 1 cent to $73.01 per barrel at 0424 GMT. U.S. West Texas Intermediate Crude fell 1 cent to $69.10. Both benchmarks rose more than 1% after U.S. president Donald Trump announced that a 25% tax would be levied on countries importing gas and oil from Venezuela. Venezuela's primary export is oil, and China is the largest buyer. Investors are concerned that Trump's tariffs...

Crude Oil

Refined Products

Refined Products

Oil prices remain unchanged as investors assess the impact of Trump tariffs

The oil prices were barely affected on Tuesday, as investors considered the impact of U.S. Tariffs on countries that buy oil and gas from Venezuela and the effect of tariffs in other industries like automobiles. Brent crude futures rose 1 cent to $73.01 per barrel at 0121 GMT. U.S. West Texas Intermediate Crude rose 1 cent to $69.12. Both benchmarks rose more than 1% after U.S. president Donald Trump announced that a 25% tax would be levied on countries that import oil and gas out of Venezuela. Investors are concerned that Trump's tariffs will slow down the economy and reduce...

Refined Products

Oil prices fall as investors watch Russia-Ukraine ceasefire discussions

Oil prices fell on Monday, as investors assessed the prospects for ceasefire negotiations aimed at ending Russia-Ukraine War. This could lead to a rise in Russian oil being sold to global markets. Brent crude futures fell 25 cents or 0.4% to $71.91 per barrel at 0409 GMT. U.S. West Texas Intermediate Crude fell 20 cents or 0.3% to $68.08. Both benchmarks closed higher on Friday, recording a second weekly gain. This was due to the new U.S. sanction on Iran as well as the latest production plan of the OPEC+ producer groups. After discussions with Ukrainian diplomats on Sunday, a...

Refined Products

Investors monitor ceasefire talks between Russia and Ukraine to keep oil prices steady

Oil prices remained stable on Monday, as investors assessed the prospects for ceasefire negotiations aimed at ending Russia-Ukraine War. This could lead to a rise in Russian oil being sold to global markets. Brent crude futures fell 8 cents or 0.1% to $72.08 per barrel at 0046 GMT. U.S. West Texas Intermediate Crude fell 5 cents or 0.1% to $68.23. Both benchmarks closed higher on Friday, recording a second weekly gain after fresh U.S. Sanctions on Iran and the newest output plan by the OPEC+ producer groups raised expectations for tighter supply. After discussions with Ukrainian diplomats on Sunday, a...

Refined Products

Prices of oil rise due to strong demand and a weaker US Dollar

The oil prices rose on Friday, thanks to a stronger dollar and an optimistic outlook for the demand in the United States, after fuel inventories dropped more than expected. Brent crude futures gained 43 cents or 0.6% to $71.21 per barrel at 0423 GMT. This is their highest level since the 3rd of March. The U.S. West Texas Intermediate (WTI), which is a crude oil produced in the United States, gained 38 cents or 0.6% to $67.54. U.S. data revealed a greater than expected drawdown in distillate stocks, including heating oil and diesel, last week. The drop was 2.8 million...

Refined Products

Brent crude drops in price against Dubai

Brent crude futures flipped into a discount versus Dubai swaps Wednesday for the first time in November 2023. LSEG data revealed this, highlighting the strength of Middle East sour crude compared to the global benchmark sweet crude. Brent-Dubai Exchange of Futures for Swaps LSEG data revealed that the price of oil was minus 2 cents per barrel as of Wednesday's close on the market at 0430 GMT. Two trade sources reported that the discount had since increased to 14 cents per barrel. Sweet oil is usually more expensive because it's easier to process. Harry Tchilligurian is the head of research...

Refined Products

Oil prices tame as China slowdown concerns offset Mideast risks

Early trading Tuesday saw little change in oil prices as concerns about global growth, U.S. Tariffs and Russia-Ukraine peace talks offset the increased instabilities in the Middle East. Brent futures increased 10 cents or 0.14% to $71.17 a bar by 135 GMT. U.S. West Texas Intermediate Crude futures climbed 7 cents or 0.1% to $67.65 a bar. Tina Teng, an independent analyst of the market, said that "fundamental economic uncertainties are overshadowing geopolitical tensions". The global demand outlook remains weak due to tariffs and the ceasefire talks in the Ukraine War. Investors were encouraged by the Chinese data released on...

Refined Products

IEA predicts a global oil surplus in 2025, as demand falls.

The International Energy Agency reported in its monthly report on the oil market that global oil supply may exceed demand this year by 600,000 barrels a day. This follows a downward revision of its demand growth forecast for 2025. The Paris-based agency stated that the surplus could increase by 400,000 bpd if OPEC+ continues to unwind its output cuts and fails in reining in overproduction against quotas. Calculations based on IEA figures show that the IEA’s February oil report suggested a slightly smaller surplus of about 500,000 bpd. The IEA has revised its forecast for oil demand growth in 2025...

Refined Products

Oil prices fall on tariffs and slowdown fears

The oil prices dropped for a second consecutive day on Tuesday as fears grew over a possible U.S. economic recession, the impact that tariffs would have on global growth, and OPEC+'s focus on increasing supply. Brent futures dropped 6 cents or 0.1% to $69.22 per barrel at 0402 GMT. U.S. West Texas Intermediate Crude futures declined 13 cents or 0.2% to $65.90 per barrel. Donald Trump's protectionist policy has roiled global markets. Trump imposed and then delayed tariffs on Canada and Mexico, his country's two largest oil suppliers. He also raised duties on Chinese products. China and Canada responded with...

Refined Products

Oil prices fall as fears about tariffs grow

The oil prices dropped for a second consecutive day on early Tuesday, amid fears that U.S. Tariffs on Canada Mexico and China will slow down economies in the world. This could also hurt energy demand as OPEC+ increases its supply. Brent futures dropped 29 cents or 0.42% to $68.99 a bar at 0016 GMT. U.S. West Texas intermediate crude futures declined 36 cents or 0.55% to $65.67 a bar. Donald Trump's protectionist policy has roiled global markets. Trump has imposed and then delayed tariffs on the biggest oil suppliers of his country, Canada and Mexico. He also raised duties on...

Refined Products

Oil prices fall as investors remain on edge due to tariff uncertainty

Oil prices dropped on Monday, as investors' appetite for riskier assets was tempered by concerns about the impact of U.S. tariffs on global growth and fuel consumption, as well as the rising production from OPEC+ producers. Brent crude dropped 31 cents or 0.4% to $70.05 per barrel at 0445 GMT, after closing up 90 cents Friday. U.S. West Texas Intermediate Crude was $66.69 per barrel, down by 35 cents or 0.5% after closing the previous session 68 cents higher. WTI fell for the seventh consecutive week, which is the longest losing streak in 2023. Brent also dropped for a third...

Refined Products

Oil prices fall as OPEC+ plans a higher output and U.S. Tariffs hammer sentiment

Investor sentiment was hammered by the third consecutive session of oil price declines as major producers announced plans to increase production in April. This is coupled with fears that U.S. Tariffs on Canada Mexico and China would slow down economic growth and fuel demand. Brent futures were 15 cents lower at $70.89 per barrel by 0200 GMT. The contract had fallen to its lowest level since September 11 and was settled at that lowest price. U.S. West Texas Intermediate crude (WTI), which had settled at its lowest price since December, fell by 40 cents per barrel or 0.6% to $67.86....

Refined Products

Sources say that Kazakh overproduction influenced OPEC+ to approve a production increase.

Sources said that as OPEC+ debated if they should keep oil production steady because of weak global demand, or increase it in response to pressure from the U.S. president Donald Trump and internal pressure, a record output from Kazakhstan helped sway their decision. OPEC, along with its allies, including Russia, a collective known as OPEC+ decided to increase production for the first since 2022. It stated that its decision was based on a healthy market and positive market prospects, without mentioning Kazakhstan. The group plans to increase production by 138,000 barrels a day starting in April. This is the first...